WOW Settlement Offer from Citi-Only 2 mos. late

[sunshinepa]

Well, that was quick. I missed my first payment in Aug. Just got a UPS letter today, they want to settle for 11,000 of the 25,050 I owe them. LOL...........not sure whether to call and see what they say or not!

Maybe the rest will follow.......that would be amazing. If I could reduce the rest, I actually might be able manage them.

Any advice???? I still have not went atty hunting..........have to wait until at least DEC/Jan due to bal transfers and cash advances needing to age a year. I really am still leaning toward BKing it all though.

Thoughts?

[ironpirate]

Yeah I got one too when I was 2 months late. If you settle with them they will give you a 1099 for the amount you don't settle($14,000). If you can do a ch 7 keep on going for it.

[JoePlumber]

Its a slippery slope that you really need to at least weight the Pro's of the BK and see what's best for your future.

[tcreegan]

Hi sunshinepa,

Settling the 2nd depends on the first. If you have no equity from the 1st, the 2nd becomes essentially worthless, folks have been settling for pennies on the dollar.
Unless you have 10K equity from the first, their offer is not exactly a prize-winner......

Good luck with this,

Tom in Colo